The claim’s base is the premise that OZ Minerals shares were over-valued, meaning that even a shareholder that randomly selected the stock can participate.
A single member (shareholder) of the group will act as the representative. The representative case then becomes the initial vehicle to test the class action in court.
The case is expected to take up to 4 years to reach a conclusion.
In the event that OZL successfully defend themselves then further action is unlikely. Should IMF win the representative case, then the most likely outcome would be that OZ Minerals would decide to settle the claim in full and pay damages to all participants in the class action.
The alternative would be that OZ Minerals decide to drag the case on by paying only the representative and working through the class action members one by one. In the latter case, each member of the class action could be required to provide evidence in court.
My apologies for snipping this from fats' site but I think you should know this if you consider joining the class action.
Personally, I think the case would have more chance of success in the US than in Aus. Anyway, after 4 years who will care anyway.
BTY, fats advises OZL is a hold. "While the company’s fall from grace has been extraordinary, we believe that Oz has a strong enough asset base to get through this current difficult period."
OZL Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
